Mahanagar Gas Limited

rs,

2025/622 Date: June 06, 2025 To, Head, Listing Compliance Department BSE Limited P. J. Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 539957 Head, Listing Compliance Department National

rs. 04

s natural gas, are expected to play a dominant role in India's economic growth in the coming years. 04 Industry Sector-wise consumption of Natural Gas – FY25 (%, MMSCMD) 29% / 56.11 Fertilizer 8% / 1

29%

th in the coming years. 04 Industry Sector-wise consumption of Natural Gas – FY25 (%, MMSCMD) 29% / 56.11 Fertilizer 8% / 15.8 Refinery 21% / 41.39 CGD 5% / 9.19 Petrochemical 12% / 24.31 Power

8%

04 Industry Sector-wise consumption of Natural Gas – FY25 (%, MMSCMD) 29% / 56.11 Fertilizer 8% / 15.8 Refinery 21% / 41.39 CGD 5% / 9.19 Petrochemical 12% / 24.31 Power 25% / 48 Other/Misc

21%

or-wise consumption of Natural Gas – FY25 (%, MMSCMD) 29% / 56.11 Fertilizer 8% / 15.8 Refinery 21% / 41.39 CGD 5% / 9.19 Petrochemical 12% / 24.31 Power 25% / 48 Other/Misc Source: (1) Statistic

5%

on of Natural Gas – FY25 (%, MMSCMD) 29% / 56.11 Fertilizer 8% / 15.8 Refinery 21% / 41.39 CGD 5% / 9.19 Petrochemical 12% / 24.31 Power 25% / 48 Other/Misc Source: (1) Statistical Review of Wor

12%

(%, MMSCMD) 29% / 56.11 Fertilizer 8% / 15.8 Refinery 21% / 41.39 CGD 5% / 9.19 Petrochemical 12% / 24.31 Power 25% / 48 Other/Misc Source: (1) Statistical Review of World Energy 2022; (2) Statis

25%

56.11 Fertilizer 8% / 15.8 Refinery 21% / 41.39 CGD 5% / 9.19 Petrochemical 12% / 24.31 Power 25% / 48 Other/Misc Source: (1) Statistical Review of World Energy 2022; (2) Statista; (3) World popul

67 billion

A G A R G A S L I M I T E D INVESTOR PRESENTATION 2025 CGD – Future Landscape Trends • • • $67 billion planned investment in the natural gas sector over the next five years. CGD consumption to increa

13.7%

D sector to grow at a faster pace as natural gas becomes a preferred fuel Figures in MMSCMD CAGR 13.7% 103 70 41 25 • • • CNG enjoys an edge in CV segment with high payload and longer range. E

1.5x

ap with CNG consumer base. Low-end PV segment has low EV penetration; on road cost of EV is 1.4-1.5x that of CNG PV (excluding battery replacement cost). • • CGD remains a priority sector for th

32.5%

as (BG) as its promoters. MGL was listed on 1st July 2016; on NSE & BSE. (Post IPO GAIL & BG held 32.5% each and Government of Maharashtra increased from 0.5% to 10%) BG group globally taken over by Sh

“Positive 1 Outlook 3 M&A Source: MoPNG, PPAC, CRISIL MI&A Impact 2 of EV Gas Price 4 Trend Financial Performance 9 CGD sector to grow at a faster pace as natural gas becomes a preferred fuel Figures in MMSCMD CAGR 13.7% 103 70 41 25 • • • CNG enjoys an edge in CV segment with high payload and longer range.”

“Target Period Festive Season Sep to Mar Target Segment Commercial vehicles MGL collaborated with major kit manufacturers and OEMs.”

“• No charges at the time of registration under FDC and EMI scheme 2 3 6 5 Incentive plan for DMA/Sales representative • PNG IRONMAN- incentive for individual achievement of target • MISSION FATEH- for group-based incentives on achieving zone wise target Special offers for Institutional customers Credit of Rs.”

“MGL Hariyali led the Rapid Forest Project, based on the Miyawaki method, to promote afforestation using native species.”

Natural Gas Market and CGD

1

Note

1

Natural Gas Market and CGD

Attractive Industry Industry Overview India is the third-largest energy consumer in the world after China and US. In 2023, India’s primary energy consumption was 39 Exajoules (EJ) behind China (170.74 EJ) and the USA (94.28 EJ). India’s energy consumption per capita is 27.3 Gigajoules (GJ) compared to 120 GJ in China and 277.3 GJ in US. India’s per capita energy consumption is one-third of the global average, indicating potentially higher energy demand in the long- term. Environmentally clean fuels, such as natural gas, are expected to play a dominant role in India's economic growth in the coming years. 04 Industry Sector-wise consumption of Natural Gas – FY25 (%, MMSCMD) 29% / 56.11 Fertilizer 8% / 15.8 Refinery 21% / 41.39 CGD 5% / 9.19 Petrochemical 12% / 24.31 Power 25% / 48 Other/Misc Source: (1) Statistical Review of World Energy 2022; (2) Statista; (3) World population review; (4) PPAC M A H A N A G A R G A S L I M I T E D INVESTOR PRESENTATION 2025 Natural Gas Consumption Patte

Note

(1) Mileage of CNG LCV – 10 km/ kg, Diesel LCV – 10 km/ ltr (2) Mileage of CNG Car – 26 km/kg, Petrol car – 18 kms/ ltr (3) Assuming 12 cylinders per year 21 Company Overview Benefits of CNG / PNG Price Advantage Natural gas provides economic benefits over most alternative liquid fuels Fuel Efficiency CNG vehicles typically enjoy higher fuel efficiency Payback Period of Vehicle Lower running costs result in lower payback period and savings Industrial PNG prices are at Parity to alternate fuels M A H A N A G A R G A S L I M I T E D INVESTOR PRESENTATION 2025 Diversified Sourcing Strategy 22 Company Overview Priority Segment Forms Majority Non-Priority Segment Sales Volume Composition – FY25 Distribution Majority of MGL’s sales are from CNG and D-PNG Gas for I&C Market determined price Term Gas for D-PNG 100% APM allocation is available Gas for CNG APM, HPHT, NWG and Market determined price Term & SPOT 71.0% CNG 13.7% DPNG 3.3% 12.0% Commercial Industrial M A H A N A G A R G A S L I M I